Evening star. [volume] (Washington, D.C.) 1854-1972, 1887-02-05
INSURANCE COMPANIES In sHE
DISTRICT.
Authority Vested i'm the Commissioner,
70 Regulate Their Business.

AD&ADAM9CSSo
The act to regulate insurance In the District of
Columbia, which has been signed by the Presi-
dent goes into effect about the 2Sth OF next Aprii
The act provides that no company hereafter Or
ganized or Incorporated within the District OF
Columbia shall transact the business OF insurance
In any of its branches unless the whole capital of
such company be not less than 100000 actually
and In good faith paid up In full In cash, except
ing life Insurance companies which issue to their
members policies or certificates agreeing to pay
Dement'S or sums Of money which are to be realized
by assessments levied upon the members; no
other capital than such assessments shall be re-
Quired OF them. The Commissioners OF the Dis
trict shall ascertain and determine such facts
upon evidence satisfactory to them TO be filed in
their ONCE, and thereupon shall issue TO such
companies authority TO transact business.
Every insurance company doing business in the
District must transmit 70 the Commissioners of
the District statement of It's condition and busi-
hess for the year ending on the preceding thirty
frst day Of December. which statement Shall be
F.ndered on the first day OF January following or
within sixty days thereafter, except that foreign
companies shall transmit their statements OF bust
ness other than that done In the United States
prior 10 the following first day OF July. and the
commissioners may require at any time state
Inents from any company doing business within
the District, or from any OF its officers or agents
on such points as they may deem necessary and
proper 10 elicit full exhibit OF It's business and
standing No company having neglected to file
statement required OF IL within the time and man
ner prescribed shall do any business, after nOtifi-
cation Dy the commissioners, While such neglect
continues, and any company association me-
glecting TO make and transmit any statement re-
CURED snail forfeit one hundred dollars for each
days neglect.
Ever nre-insurance company shall have assets
equal 70 its liabilities. including reinsurance re-
serve liability equal 10 nifty per centun OF preni-
ulnS received upon one year risk, and amount
proportloned 10 the uneXpired time upon all other
IRE nskS. Every company doing an inland or ma
rtne business shall have assets equal 70 its uabil-
tiles, including a reinsurance reserve liability
equal 70 the total premiums charged upon all un-
expired inland or marine risks. Every life 1nsur-
Ance company, excepting those organized upon
the plan OF assessments on their members
shall have assets equal 20 its liabilities Including
reserve liability computed upon the basis OF the
American experience table OF mortality at four
and one-han per centum interest Before issuing
~ritten authority 10 a company 70 transact bust
hess In the District, the Commissioners shall sat
tsfy themselves that the company has complied
with the law, and at any time thereafter thew
shall revoke this authority when satisfied that
The company has fallen below the requirements
NO insurance company organized or Incorporated
onaer tne laws OF any OF the United States OF
America, or OF any Torei sn state country shall
transact the business OF insurance In any OF its
branches within the District until they have duly
conslIueu some proper person dOniciled In the
OStnct tneir agent and aJtOrney-in-Iact and uD-
III the evidence OF appointment OF such agent and
attorney INTACT authenticated in a manner saIis-
factory 10 the Commissioners OF the District
ANY insurance company, OF any officer or agent
OF any insurance company. effecting d contract OF
insurance In behalf OF such COMPANY when the
Wntten authority required oy this act shall nor
have been given by the Commissioners or after
the authority mas been revoked. shall be-, subject
10 a penalty or hundred dollars for eyerT
Onene 10 be recovered by due process In the cour1s
OF the District
Each insurance company doing business In the
District OF Columbia shall attach To each Doljcy
Issued by such company copy oI the Application
made by the insured, so that the whole conf rat
may appear LII said application and policy.